Specialty Insurance Basics

Find the specialty insurance for your business needs

Specialty insurance is necessary for items not covered by your ordinary home owners or automobile insurance. This can include but is not limited to flood coverage, identity theft insurance, mobile home coverage, motorcycle insurance, personal watercraft coverage, boat insurance, pet insurance, private mortgage insurance, travel insurance, title insurance or renters insurance.

Other cases of specialty insurance include insurance for unique items such as actor and actresses who insure their body parts (the ones that are considered their best assets and their money makers), or insurance for a particular project or event that you are spearheading. Specialty insurance for business can also include insuring your entire inventory in case of a fire or theft.

To make the most of specialty insurance basics:

1. Begin by understanding the different types of specialty insurance.

2. Check out various specialty insurance companies.

3. Take a look at the latest specialty insurance coverage and industry news and information.

 

Start with basic information on insurance for special needs

Look at definition information on insurance for special needs as well as how to choose the different types of specialty business insurance.
Try: Look at types of specialty insurance coverage and their definitions from the Insurance Information Institute. They also address frequently asked questions on the topic. The National Federation of Independent Business also offers helpful information on how to choose your speciality insurance.

Check out various specialty insurance companies

Take a look at specialty insurance providers to see the variety of policies that they carry. From something obscure like waterbed insurance to a specialty policy for your business, seek out a specialty insurance company that can answer your questions thoroughly.
Try: Great American Insurance Group handles such speciality topics as marine, agriculture business, commercial automobile as well as fidelity and surety coverages. Look at the coverage that American Modern Insurance Group offers for multiple rental dwellings, manufactured home rentals, watercraft rental or for physical damage to you inventory.

Find out the latest news on specialty insurance

Keep up on the most up-to-date information on insurance for special needs. Find out about what specialty insurance other providers are offering and what trends are affecting the industry.
Try: Read the latest news and information on Specialty Insurance, Risk Management & Private Equity from the Specialty Insurance Blog, which is a part of Mercator Risk Services. Sign up for the free e-newsletter from InsuranceNewsNet to keep up with the latest industry news and information.

 

• When pricing specialty insurance, be sure and ask for a quote from your current insurance provider. If a competitor comes back with a lower quote for the same service, take that back to your service provider to see if they can potentially match the competitor.

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